SEATTLE–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24CMI&src=ctag” target=”_blank”gt;$CMIlt;/agt; lt;a href=”https://twitter.com/hashtag/Femtosatellite?src=hash” target=”_blank”gt;#Femtosatellitelt;/agt;–According to Coherent Market Insights, the global small satellite market
was valued at US$ 2.92 billion in 2017, and is projected to exhibit a
CAGR of 26.8% over the forecast period (2018 – 2026).

Key Trends and Analysis of the Global Small Satellite Market:

The decline in cost of satellite launching, technological innovations
such as IoT, 3D printing and satellite miniaturization, increasing need
for crop and natural disaster monitoring, and steady demand for
satellites for R&D are some of the factors driving the small satellite
market growth. According to Coherent Market Insights Analysis, around
7,000 small sats are expected to be launched at an average of 580 small
sats, annually by 2022 and 820 small sats, annually by 2027. Small sats
can be used in various applications such as earth observation,
communication, and data collection services.

Increase in funding for research and development of small satellites is
expected to boost the market growth. For instance, in September 2018,
France’s The National Center for Space Studies (CNES) had set an US$
103.7-129.63 Mn venture fund named ‘CosmiCapital’ that focuses on space
and space applications. In the U.K., the US$ 90m Seraphim Space Fund
that is managed by Seraphim Capital was launched in 2017.

Among satellite size, the nano satellite segment is expected to witness
significant growth in the market during the forecast period. In 2017,
the nano satellite segment was valued at US$ 143.7 million and is
expected to reach US$ 356.1 million by 2026, witnessing a CAGR of
13.43%. Nano satellites can be used in earth observation, surveillance,
communication, and other applications. Nano satellites can operate under
harsh environmental conditions and are cost effective, which makes them
preferable for space missions.

The global small satellite market is projected to witness a CAGR of
26.8% during the forecast period (2018 – 2026)

Among region, North America held dominant position in the market in
2017, accounting for 55% of the market share by value. The market in
the region is expected to witness a CAGR of 13.1% during the forecast
period and retain its dominance, owing to increasing funding by
government and private organizations for development and launch of
small satellites. Moreover, presence of key market players is also
expected to drive growth of the small satellite market in this region.

For instance, in May 2018, the National Aeronautics Space Association
(NASA) launched a CubeSat mission — GTOSat— an earth observatory small
satellite — which will provide key observations of the environmentally
forbidding radiation belts that encircle Earth. In April 2018, NASA
launched a new ASTERIA small satellite that is only slightly larger
than a box of cereal and can be used to study planets orbiting other
stars.